Perth Property Market Rental Trends November 2024
If you are a managing Perth property owner, the logical path is for you to show interest in the trends and updates of the Perth property rental market. That’s particularly true since it gives you the needed insights to make good decisions for your rental business and make the most out of your investment.
In our monthly Perth property market rental review for November 2024, we will update you on the market so you can make informed decisions about your investment property.
Number of Perth Property Market Listings and Rentals
In the week ending on the 1st of December, 500 houses and 227 units were rented out. The current supply of rental properties is 1,526 and 673 for houses and units, respectively, demonstrating a good balance between supply and demand.
Median Prices in the Perth Rental Market
Staying informed about the median prices in the Perth property rental market enables you to review and adjust your prices based on market trends.
According to Reiwa CEO Cath Hart, “November tends to be one of the busiest months of the year for leasing activity as we head into Christmas, so this can lead to more competition for available properties, which can then see an increase in rent prices.”
Over the 12 months ending in November, house rentals have averaged $550, $650, and $700 per week for 2-bedroom houses, 3-bedroom houses, and 4-bedroom houses, respectively.
Moving onto unit rentals, the weekly median price is $525 for 1-bedroom units, $600 for 2-bedroom units, and $695 per week for 3-bedroom units.
If you look at the top rental suburbs in November, North of the river, you will find East Perth (21), Perth (15), Scarborough (13), and Eglinton (12) on that list. As for South of the River, Baldivis comes first at 17, followed by Como (10), Secret Harbour (10), and Hammond Park (8).
Perth Rental Prices and Median Days
The median weekly rental price is $650 for houses and $620 for units, with 15 days to rent on average.
Looking back, the median price in September was $650 for houses and $600 for units per week, with 18 days to rent on average.
As for June 2023, the median rent was $560 for houses and $500 for units per week, with 16 days to rent. Accordingly, we can see an increase percentage of more than 15% to 24%, but the question is: how has the purchasing power reacted to that increase?
To answer this, let’s look at Perth’s median price for houses and units almost a year ago, in December 2023, which was $600 and $550 per week, respectively. The number of median days was 15, which happens to be the number of median days now. So, this could signal that the market is stabilising and containing rental price changes.
Conclusion
In conclusion, the Perth property market has once again showcased resilience and satisfactory demand for rental properties. The slight fall in median days indicates demand for rental property, and it seems that the market has contained its rent prices.
Still, will that persist in the future? We recommend that Perth property owners and landlords adjust their pricing based on market dynamics. Contact HERE Property now for a FREE property appraisal!
